Best Health Care Stocks To Watch In The Stock Market This Week
Over the past month, investors are shifting their focus back to health care stocks in the stock market. Well, this should not come as a surprise as we are seeing a resurgence in coronavirus cases due to the delta variant. Thanks to companies such as Moderna Inc (NASDAQ: MRNA) and BioNTech SE (NASDAQ: BNTX), we are able to reduce the mortality rate of the virus infection. We are seeing the largest scale vaccination campaign in the history of the world. In fact, more than 4.62 billion doses have been administered globally and 354 million doses so far in the U.S.
That said, we are still witnessing a spike in coronavirus cases all over the world. Well, this is largely due to the unvaccinated population. It appears that more than 90% of hospitalization cases are those who are unvaccinated. Those who are against vaccination are at more risk than ever. This has led to leading U.S. health officials to dub it as a “pandemic of the unvaccinated”. With all said and done, all this data further highlights the importance of the health care industry. Without them, the pandemic could be way worse than it is right now. With that in mind, would you be interested in some of the top health care stocks in the stock market today?
Top Health Care Stocks To Watch Now
- Cooper Companies Inc (NYSE: COO)
- Novavax, Inc (NASDAQ: NVAX)
- Goodrx Holdings Inc (NASDAQ: GDRX)
- Doximity Inc (NYSE: DOCS)
Cooper Companies Inc
Firstly, we have the global medical device company, Cooper. In detail, it operates through two business units, CooperVision, Inc and CooperSurgical, Inc. As the name suggests, CooperVision offers soft contact lenses for the vision correction market. Meanwhile, CooperSurgical offers products and services focusing on women’s health, fertility, and diagnostics. The company stock went up by 7.8% on Thursday’s closing bell and has risen over 40% year-over-year.
Last week, the Chinese National Medical Products Administration (NMPA) approved CooperVision MiSight 1 day contact lenses for use within the country. One of the most pressing eye-health issues we face today is myopia. MiSight® is the first Chinese NMPA approved soft contact lens with an indication relating to slowing the progression of myopia. So, receiving approval from the NMPA will enable the company to work closely with eye-care professionals treating children in China.
Also, we are aware that the company will be announcing its third-quarter financial update on September 2. Investors could be expecting continuous growth as the company has been fundamentally stable over the years. During its second quarter, it reported revenue of $719.5 million, up 37% year-over-year. On top of that, its GAAP diluted earnings per share were $2.36 compared to $2.13 from the previous year’s quarter. With all these in mind, would you add COO stock to your portfolio ahead of its earnings report?
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Novavax, Inc
Following that, we have one of the biotech companies that has been making the headlines this month, Novavax. Its recent announcement of preliminary data showing that its COVID-19 vaccine booster resulted in a four-fold increase in neutralizing antibody levels has caught the attention of many investors. NVAX stock has risen over 23% just within the past week.
In addition, there was also data that functional ACE-2 binding inhibition antibodies cross-reactive with the Delta variant were more than 6-fold higher than the primary vaccination series. This is a significant progress finding as natural and vaccine-induced immunity wanes over time. Hence, the continuation of its clinical development program will be critical to understanding and demonstrating the effectiveness of its recombinant COVID-19 vaccine. Should the vaccine be proven successful, it would be another big step in our fight against the pandemic.
The company already has suitors for its potential COVID-19 vaccine. On Wednesday, Denmark said that it would buy 280,000 doses of it at a total price of $5.84 million. The confidence shown is a testament to the company’s successful tests against the new variants that have been plaguing the world. Given the momentum of the company, would you consider adding NVAX stock to your watchlist?
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GoodRx Holdings Inc
GoodRx is a holding company that provides price comparison tools for prescriptions. The Company provides the GoodRx platform, which aggregates and analyzes pricing data from a number of different sources. Its platform also provides access to medication savings programs, medical provider consultations, and lab tests. GDRX stock soared by 14.95% and traded at $35.53 upon Thursday’s closing bell.
The company’s second-quarter earnings report is the likely catalyst for its stock movement. GoodRx closed the second quarter with a more than 7.5 million user base that includes both its monthly active users and subscribers. As a result, it helped the company’s revenue to rise by 43% year-over-year to $176.6 million. Given that many consumers are still deferring physician visits due to the resurgence of coronavirus cases, these are impressive financial numbers.
Furthermore, GoodRx has also partnered with Boehringer Ingelheim to increase access to patient savings programs on the GoodRx platform. So, patients with type 2 diabetes or chronic obstructive pulmonary disease can now easily enroll in manufacturer-sponsored copay programs for Boehringer Ingelheim’s leading portfolio of medications to help reduce their out-of-pocket costs. With this, it would help lower the affordability barrier for patients to access the medications they need. All things considered, would GDRX stock be a top health care stock to watch?
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Doximity Inc
To sum up the list, we have the leading digital platform for U.S. medical professionals, Doximity. The company’s cloud-based platform provides tools to its members, which helps them to collaborate with colleagues, coordinate patient care, and conduct virtual patient visits. As a medical professional, you could also stay up-to-date with the medical news and research, and manage your careers through its platform. DOCS stock has been on a bullish momentum over the past month. Since its debut in the stock market back on Jun 24, it has risen more than 50% in value.
Well, this is not surprising as the company has reported a strong financial update on Wednesday. For its fiscal first-quarter 2022, Doximity reported revenue of $72.7 million, doubling that of the previous year’s quarter. In line with that, its adjusted EBITDA was $31.2 million, up by a whopping 696% year-over-year. From this, we can see that the company is reaping the rewards of client adoption of digital platforms.
The company now serves more than 30% of all U.S. physicians with its paid telehealth offering. As frontliners in the medical profession struggle with high caseloads and outbreaks, the company’s productivity tools are able to help ease the burden. In fact, its e-signature and fax products saw record usage this quarter. Given its growth potential, do you think that DOCS stock will have more room to run?
